14-Dec-2023
2 mins read
Mufti Menswear’s Initial Public Offering (IPO) is a book-built offering totalling Rs 549.78 crore, consisting exclusively of a sale of 1.96 crore shares. The Initial Public Offering (IPO) is set to begin accepting subscriptions on December 19, 2023, and is expected to conclude on December 21, 2023. The allocation of shares is projected to be finalised by December 22, 2023. The anticipated date for Mufti Menswear’s stock to commence trading on the BSE and NSE is December 27, 2023.
The price range for the Mufti Menswear IPO has been set between Rs 266 and Rs 280 per share. Investors must purchase at least 53 shares per lot, translating to a minimum investment of Rs 14,840 for retail investors. The minimum investment for sNII (Small Non-Institutional Investors) is 14 lots, equating to 742 shares or Rs 207,760. For bNII (Big Non-Institutional Investors), it’s 68 lots, which is 3,604 shares, amounting to Rs 1,009,120.
The IPO’s book-running lead managers include Dam Capital Advisors Ltd (previously known as Idfc Securities Ltd), ICICI Securities Limited, and Keynote Financial Services Ltd. Link Intime India Private Ltd has been appointed as the registrar for the offering.
Credo Brands Marketing Limited Product Portfolio
Founded in 1999, Credo Brands Marketing Limited is known for its primary brand, “Mufti,” which specialises in men’s casual wear.
In its early days in 1998, the brand’s product line was limited to various shirts, T-shirts, and trousers. However, the range significantly expanded with time, evolving to include various apparel such as sweatshirts, jeans, cargo pants, chinos, jackets, blazers, and sweaters.
These products cater to various needs, including relaxed holiday casuals, everyday authentic wear, urban casuals, party attire, and athleisure.
As of May 31, 2023, Credo Brands Marketing Limited boasts a wide retail presence in India, totalling 1,773 outlets. This network comprises 379 exclusive brand outlets (EBOs), 89 large format stores (LFSs), and 1,305 multi-brand outlets (MBOs). The company’s market penetration covers a broad spectrum, extending from major cities to Tier 3 regions. On March 31, for the years 2023, 2022, and 2021, the company had a presence in 582, 598, and 569 cities, respectively.
The Objectives of Credo Brands Marketing Limited IPO
The primary goals of this offering include: first, to attain the advantages associated with listing the company’s equity shares on various stock exchanges, and second, to facilitate the Offer for Sale of as many as 19,634,960 equity shares. Additionally, the company anticipates that listing its equity shares will boost its visibility and brand recognition while offering liquidity to its shareholders and establishing a public market for its equity shares within India.
Financial Performance of Credo Brands Marketing Limited (In Crore)
Between the financial years ending March 31, 2023, and March 31, 2022, Credo Brands Marketing Limited experienced substantial growth in its financial performance. The company’s revenue saw a significant upsurge of 43.54%, while its profit after tax (PAT) impressively escalated by 116.88%.
| Period Ended | 30-Jun-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 592.38 | 574.48 | 476.05 | 416.99 |
| Revenue | 119.43 | 509.32 | 354.84 | 261.15 |
| Profit After Tax | 8.58 | 77.51 | 35.74 | 3.44 |
| Net Worth | 289.88 | 281.35 | 235.73 | 192.33 |
| Total Borrowing | 11.3 | 10.08 | 13.46 | 15.23 |
Important Details for Credo Brands Marketing Limited IPO
| IPO Date | December 19, 2023 to December 21, 2023 |
| Listing Date | Yet to be announced |
| Face Value | Rs 2 per share |
| Price Band | Rs 266 to Rs 280 per share |
| Lot Size | 53 Shares |
| Total Issue Size | 19,634,960 shares (aggregating up to Rs 549.78 Cr) |
| Offer for Sale | 19,634,960 shares of Rs 2 (aggregating up to Rs 549.78 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 64,301,880 |
| Shareholding post issue | 64,301,880 |
Timetable of Credo Brands Marketing Limited IPO
The Initial Public Offering (IPO) for Mufti Menswear is scheduled to commence on December 19, 2023, and will conclude on December 21, 2023.
| IPO Open Date | Tuesday, December 19, 2023 |
| IPO Close Date | Thursday, December 21, 2023 |
| Basis of Allotment | Friday, December 22, 2023 |
| Initiation of Refunds | Tuesday, December 26, 2023 |
| Credit of Shares to Demat | Tuesday, December 26, 2023 |
| Listing Date | Wednesday, December 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 21, 2023 |
Lot Size of Credo Brands Marketing Limited IPO
The table shows the minimum and maximum investments for retail investors and High Net Worth Individuals (HNIs), detailing the share quantity and the financial amount. Bidding starts at 53 shares and can be increased in multiples of this number.
| Application | Lots | Shares | Amount (In Rs) |
| Retail (Min) | 1 | 53 | 14,840 |
| Retail (Max) | 13 | 689 | 192,920 |
| S-HNI (Min) | 14 | 742 | 207,760 |
| S-HNI (Max) | 67 | 3,551 | 994,280 |
| B-HNI (Min) | 68 | 3,604 | 1,009,120 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Mufti Menswear IPO Anchor Investors Details
Mufti Menswear’s IPO successfully secured Rs 164.93 crore from anchor investors. The date set for the anchor bidding of the Mufti Menswear IPO was December 18, 2023.
| Bid Date | 18-Dec-23 |
| Shares Offered | 5,890,488 |
| Anchor Portion Size (In Cr) | 164.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | 5-Feb-24 |
| Anchor lock-in period end date for remaining shares (90 Days) | 29-Apr-24 |
Key Performance Indicator of Credo Brands Marketing Limited IPO
| KPI | Values |
| P/E (x) | 23.22 |
| ROE | 29.98% |
| ROCE | 28.16% |
| Debt/Equity | 0.65 |
| EPS (Rs) | 0.54 |
| RoNW | 29.98% |
Promoters of the Company
Kamal Khushlani and Poonam Khushlani are the promoters of the company.
Credo Brands Marketing Limited IPO Promoter Holding
| Shareholding Pre Issue | 66.66% |
| Shareholding Post Issue | 53.66% |
Credo Brands Marketing Limited IPO Lead Manager(s)
The lead managers for Credo Brands Marketing Limited IPO are Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), ICICI Securities Limited, and Keynote Financial Services Ltd.
How to Apply for Credo Brands Marketing Limited IPO
Wait for the public issue to open for subscription, then click on this link to apply for the Credo Brands Marketing Limited IPO with Bigul: https://ipo.bonanzaonline.com/.
How to Check the Allotment Status of Credo Brands Marketing Limited IPO
The registrar for Credo Brands Marketing Limited IPO is Link Intime India Private Ltd. To check your allotment status, please click on this link: https://linkintime.co.in/mipo/ipoallotment.html.
FAQs
- When does the Credo Brands Marketing Limited IPO open for subscription?
The IPO opens on December 19, 2023, and closes on December 21, 2023.
- What is the price range for the Mufti Menswear IPO?
The price band is between ₹266 and ₹280 per share.
- What is the minimum lot size for investing in this IPO?
The minimum lot size is 53 shares.
- Who are the lead managers for the Credo Brands Marketing Limited IPO?
The lead managers are Dam Capital Advisors Ltd, ICICI Securities Limited, and Keynote Financial Services Ltd.
- How can I apply for the Credo Brands Marketing Limited IPO?
Once the public issue opens, you can apply for the IPO through the link here.
- How can I check the allotment status of the Credo Brands Marketing Limited IPO?
Check your allotment status here through the registrar, Link Intime India Private Ltd.
- What is the expected listing date for the IPO?
The expected listing date is December 27, 2023.
- What are the objectives of the IPO?
The primary objectives are to gain the benefits of listing on stock exchanges and to facilitate an Offer for Sale of up to 19,634,960 equity shares.